Essex County September Housing Report 9/17/2022
Sellers are adjusting to rising mortgage rates and buyer resistance by lowering their prices. Current Unit sales rose over 11% from July to August as median sold prices for August 2022 fell -5.5% for Singles and -0.5% for Condos from July 2022. Inventory remains extremely low with only 1.2 months for Singles, and 1.3 months for Condos.
6 months of inventory is a balanced market.
Year over year, August median home sale prices rose 5.0% for Singles and 6.4% for Condos while Unit Sales fell 10.1% for Singles and 17.6% for Condos.
30 year conforming mortgage rates today were 6.35%, a 14 year high.
Bottom line, in spite of an extremely low 1.2 months of inventory, August 2022 median sold prices fell 5.5% for Singles and 0.5% for Condos from July 2022 to offset rapidly rising mortgage rates and stimulate Buyer interest. August Home Sales rose 11% from July 2022.
- To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
- To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
